The Team Behind Manmohan Singh's Reforms That Prevented India's Economic Crisis

In 1991, as India faced an imminent economic collapse with foreign exchange reserves dwindling, Manmohan Singh was appointed Finance Minister and embarked on a transformative journey of economic reforms centered on liberalisation and privatisation. Collaborating with a distinguished team of economists, including Montek Singh Ahluwalia, who served in various financial capacities, and SP Shukla, the initial Finance Secretary, Singh navigated the country through one of its most challenging economic crises. Key figures in this initiative, such as revenue expert K P Geethakrishnan, who introduced innovative fiscal strategies, and Chief Economic Advisor Deepak Nayyar, played vital roles in engaging with international financial institutions. Additionally, the leadership of RBI Governors S Venkitaramanan and C Rangarajan was crucial in stabilizing India’s monetary policy during this tumultuous period, paving the way for the modern economic landscape.

The Team Behind Manmohan Singh’s Reforms That Prevented India’s Economic Crisis

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